New Boeing chief sends teams back to the drawing board
Dave Calhoun, the newly appointed CEO of Boeing, has stated that the company will go back to the drawing board amid the deepening MAX 737 crisis which is set to cause the company billions of dollars in losses. The new plane will be midsize, designed for seating 220-270 passengers. Calhoun believes digital technology will help massively speed up the design and production of the plane.
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Warren Buffett Changes Mind on Gold: He Will Panic-Buy Bitcoin at $50K, Says Max Keiser
Warren Buffett has changed his mind about gold as an investment, prompting some people to think that he might do the same with bitcoin. Buffett’s company Berkshire Hathaway revealed Friday that it had dumped bank stocks and took a position in a gold miner.
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World’s largest fashion group reports heavy losses
Inditex, the company which owns Zara, reported a net loss of 409 million euros ($465 million) for February through April, in comparison with a net profit of 734 million euros over the same period in 2019. The loss came despite a 50% increase in online sales in the first quarter and a 95% jump in online sales in April. Inditex expects online sales to grow substantially
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Boeing CEO predicts a major airline to go bankrupt
Boeing CEO Dave Calhoun said in a recent interview that he thinks a major US airline will go out of business by September this year due to the coronavirus pandemic. “I don’t want to get too predictive on that subject, but yes, most likely,” he said in an interview on NBC’s “TODAY” show. “You know, something will happen when September comes around.” He didn’t name the airline though
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SBA watchdog probes small business loans as scrutiny intensifies
In his letter, Ware said the SBA inspector general's office started reviews of the PPP and the Economic Injury Disaster Loan program on April 24. “The Criminal Division’s Fraud Section is working with our law enforcement partners, the Small Business Administration and banks processing loans under the Paycheck Protection Program to identify outliers in the data," DOJ spokesperson Peter Carr said.
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